PR
Newswire -- September 13, 2010
NEW
YORK, Sept. 13 /PRNewswire/ -- Deloitte Touche Tohmatsu Limited today announced
aggregate member firm revenues of US$26.6 billion for the fiscal year ended 31
May 2010. Aggregate revenues grew 1.8 percent in U.S. dollars and remained essentially
unchanged in local currency. Aggregate business volume increased from the prior
year, while rates remained constrained by the challenging economic conditions.
Compound aggregate growth for FY2005-2010 was
7.8 percent.
Deloitte
member firms' (Deloitte) business lines performed strongly within the context
of the economic environment. A 15 percent increase in member firms'
consulting
revenues, led by a 19 percent growth in the strategy and operations service line
and a 33 percent growth in technology integration, helped to offset small declines
in other businesses whose results were primarily affected by modest reductions
in rate per hour. The Deloitte U.S. member firm's recent integration of BearingPoint's
North American public sector practice contributed meaningfully to consulting's
overall performance and has positioned Deloitte among the largest public sector
consultancies worldwide. "The
people of Deloitte take great pride in their ability to add value in areas that
matter most to clients during the downturn," said Deloitte Touche Tohmatsu
Limited CEO Jim Quigley. "I am proud of our people and their continued commitment
to client service excellence during the most difficult economic climate in decades.
This dedication, along with our strong focus on integrity and sustainable, responsible
business practices, will continue to be critical to our future success." Deloitte
attributes its recent success to strategic investments in four areas:
1. Quality. Deloitte considers quality as the foundation of its businesses and
continuously invests in quality to protect the Deloitte brand and address
the needs of clients and stakeholders.
2. Talent.Deloitte has increased its
headcount by 40 percent since 2005.
During the same period, the organization
reduced aggregate employee
turnover by 4 percentage points. Deloitte's headcount
has grown to
approximately 170,000 professionals.
3. Emerging and business
critical markets.Since 2005, the Deloitte network has
committed US$500 million
to grow its strategic markets, including China and
India. As a result, Deloitte
China's revenue has more than doubled while
headcount has grown to 8,000.
Deloitte India's revenue has tripled while
the number of Deloitte professionals
in India has grown to 14,000.
4. Portfolio of core businesses. Deloitte is
committed to its
multidisciplinary business model, with particular focus on
enhancing
service delivery. Audit is a fundamental element of the network's
portfolio, and investment funds continue to be prioritized toward enhancing
audit quality, technology, and methodology. Deloitte's investment in the
consulting
and advisory business has helped it to obtain recognition from
leading analysts
as the largestconsultancy globally.
Geographic
results (aggregate, in USD):
-- Asia Pacific revenues grew 9 percent, making it the fastest-growing
region
for the sixth consecutive year. Member firms achieving growth in
excess of
20 percent included Korea and India. Deloitte China grew 8
percent. Market
share of the Fortune Global 500 grew by 2 percentage
points in the Asia Pacific
region. Deloitte member firms also served
some of the largest IPOs in these
markets.
-- The Americas revenues grew 4 percent. Brazil grew in excess of
20
percent. Deloitte United States grew 3 percent.
-- EMEA revenues declined
3 percent. Southern Africa grew 22 percent. The
Middle East grew 15 percent.
Business
and industry results (aggregate, in USD):
-- Auditrevenue declined 1 percent while market share of the Fortune Global
500 grew by 1 percentage point.
-- Consulting revenue grew 15 percent.
-- Financial Advisoryrevenue declined 2 percent.
-- Taxrevenue declined 5
percent.
-- Industry:Public sector revenues increased 38 percent compared
to the
prior year. Financial Services and Manufacturing were essentially flat,
which represents a significant rebound from last year's double-digit
declines.
To
sustain its market-leading performance and help clients navigate the post-crisis
world, Deloitte is rolling out a new global strategy called "As One."
The strategy enhances the network's ability to seamlessly deliver world-class
services across borders, while leveraging the market-focused accountability of
its member firm structure.
"The
financial crisis has fundamentally reshaped our economic, regulatory, and business
landscapes," said Quigley. "Change creates opportunities for both Deloitte
and our clients, and I believe that this is the right time to launch the As One
strategy. We are committed to bringing the full breadth of the network's resources
to help clients adapt to the new market realities, sustain our relentless focus
on quality, and develop and deploy the best talent in every market in which Deloitte
operates." Quigley
went on to express his optimism for the year ahead. "I am proud that Deloitte
continued investing in our capabilities and people during the downturn.
As
a result, the network is strongly positioned to respond to the rising demand that
we are already seeing across our business portfolio. With the strength of our
multidisciplinary service model and our people's commitment to excellence, I am
optimistic that Deloitte member firms will continue to achieve solid growth in
FY11."
About
Deloitte
Deloitte
refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company
limited by guarantee, and its network of member firms, each of which is a legally
separate and independent entity. Please see www.deloitte.com/about for a detailed
description of the legal structure of Deloitte Touche Tohmatsu Limited and its
member firms. Deloitte
provides audit, tax, consulting, and financial advisory services to public and
private clients spanning multiple industries. With a globally connected network
of member firms in more than 140 countries, Deloitte brings world-class capabilities
and deep local expertise to help clients succeed wherever they operate. Deloitte's
approximately 170,000 professionals are committed to becoming the standard of
excellence.
Deloitte
Touche Tohmatsu LimitedFiscal Year 2010 Regional and Service Line Revenue Breakdown
(aggregate)
Region 2010 Revenues USD Local Currency % of Revenue
------ -------------
--- -------------- ------------
USD Billion Growth Growth
-----------
------ ------
Americas 13.0 3.9% 3.0% 48.9%
-------- ---- --- --- ----
Asia Pacific 3.6 8.5% 1.6% 13.7%
------------ --- --- --- ----
EMEA 10.0
-2.9% -4.2% 37.4%
---- ---- ---- ---- ----
Total 26.6 1.8% 0.0% 100.0%
----- ---- --- --- -----
Sub Region
----------
North America 11.9 3.9% 2.7% 44.8%
------------- ---- --- --- ----
Latin
America 1.1 3.7% 6.0% 4.1%
------------- --- --- --- ---
Asia Pacific
3.6 8.5% 1.6% 13.7%
------------ --- --- --- ----
Europe 9.2 -4.0% -4.8%
34.6%
------ --- ---- ---- ----
Middle East 0.2 11.4% 11.7% 0.8%
-----------
--- ---- ---- ---
Africa 0.6 12.0% 0.2% 1.9%
------ --- ---- --- ---
Total 26.6 1.8% 0.0% 100.0%
----- ---- --- --- -----
Function 2010 Revenues USD Local Currency % of Revenue
-------- -------------
--- -------------- ------------
USD Billion Growth Growth
-----------
------ ------
Audit 11.7 -1.4% -3.8% 44.2%
----- ---- ---- ---- ----
Consulting 7.5 14.9% 13.6% 28.0%
---------- --- ---- ---- ----
FAS 2.0
-1.6% -3.4% 7.6%
--- --- ---- ---- ---
Tax 5.4 -5.3% -6.3% 20.2%
---
--- ---- ---- ----
Total 26.6 1.8% 0.0% 100.0%
----- ---- --- --- -----
Percentages
based on absolute values and not truncated, dollars in billions for rounding. SOURCE
Deloitte Touche Tohmatsu Limited
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